Deposits into my checking and Saving accounts?
Question:
Answer:
Unless your movements are like $10,000+ in one bank day (which require banks to complete a Currency Transaction Report on you which is forwarded to IRS for follow-up action), then I would say a staunch NO!
No , I wouldn't think so.
There isn't anything dishonest, or illegal in what you are doing, Why should the IRS care?
No, probably not a problem, as long as we're not talking about transferring thousands of dollars a dozen times a month. The IRS is more concerned about concealing income. Your banking transactions have a nice, clean electronic trail, so you don't have to worry about the IRS.
Not likely. You should probably have fewer accounts and not necessarily savings or checking accounts. You should probably have a checking account, a savings account, maybe a CD (or several to ladder maturities), an IRA (Traditional and/or Roth), and an individual mutual fund account for longer term (5+ year) expenses.
IRS does not even know you have several accounts. They are only interested in you filing your taxes every year and claiming your interest, which is filed by your bank on a 1099 yearly. It's not like Big Brother is sitting up there watching everyone's account. Don't worry unless you get a letter saying you have been audited and owe them money. That will probably never happen.
In a word - no. The IRS could care less how you choose to handle your own finances as long as it is legal. What you may be thinking of that is illegal is Kiting. This is when you have checking accounts at multiple institutions and use a bogus checks from one account to cover the funds that are going to be withdrawn from another account and then use a bogus check to cover those funds, etc. The cycle is neverending and your financial institution is usually the one to catch it. They are the ones who report it to the IRS. But if you only have one checking account you have nothing to worry about.
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